Bitcoin is the world’s first digital currency, created by IT specialists in the virtual realm. However, the first physical cryptocurrency ATM was invented in Ottawa by the company BitAccess. This groundbreaking device allowed Ottawa residents to be the first to exchange virtual currency for cash and vice versa. Learn more at iottawa.net.
What Is Bitcoin?
Bitcoin is a form of digital currency—money that exists exclusively online. The concept of this payment system was introduced in 2009 by Satoshi Nakamoto. Payments, secured by digital signatures, are transferred between addresses via a peer-to-peer network, with transaction records stored in a distributed database.
Over time, the online business world began to accept digital currency as an alternative payment method. For example, Ottawa-based Shopify implemented Bitcoin payments in its e-commerce platform shortly after its inception.
Bitcoin, unlike traditional currencies, is not regulated by any bank or country. Its value can fluctuate drastically daily, making it a highly risky investment. Since its creation in 2009, Bitcoin’s value has generally increased. In 2013, a single Bitcoin was worth just $13, but in subsequent years, its price skyrocketed to over $10,000.
Ottawa: The Home of the Bitcoin ATM
By the 20th century, Ottawa had established itself as one of the most technologically advanced cities in the world. The capital became a hub for innovative startups, technological breakthroughs, and cutting-edge ideas, attracting professionals in the tech industry. The city also developed a vibrant Bitcoin community and became the birthplace of the first Bitcoin ATM.
The Bitcoin ATM in Ottawa did not appear immediately after the cryptocurrency’s creation. It took years for the concept to materialize. While Bitcoin debuted in 2009, the first ATM for the digital currency was introduced only in 2014.
This inaugural Bitcoin ATM was installed at the Clocktower Brew Pub on Clarence Street, near the ByWard Market. Developed and deployed by Ottawa-based BitAccess, it was a technological marvel at the time.
In 2014, using the Bitcoin ATM was a time-consuming process, often taking days for transactions to complete. Ottawa residents had to input their Bitcoin wallet account details into the ATM and then insert cash to purchase the cryptocurrency. This allowed them to acquire digital currency that had no physical counterpart—no coins or bills.
Withdrawing Bitcoin from the ATM worked similarly to using a debit or credit card at a traditional ATM, making it a familiar and accessible process.
The introduction of Bitcoin ATMs in Ottawa raised concerns among some residents about potential tax evasion. In response, the Canadian government updated tax laws to include cryptocurrency-related transactions. This meant that any income generated through cryptocurrency investments became subject to taxation.
As Bitcoin gained popularity, more Bitcoin ATMs began appearing across Ottawa in the 2020s, all built and installed by BitAccess. What started as a novelty in 2014—a single ATM in a pub—became an integral part of daily life for Ottawa residents by the 2020s. In the 21st century, Bitcoin ATMs in Ottawa are as ubiquitous as traditional cash machines, playing a vital role in the lives of many residents.